ETH is showing new strength over BTC. We can see in the chart that ETH has been in a consolidation phase with BTC since its high back in May of this year. If we see a break of this consolidation to the upside the measured move will take us all the way up to the 1.414 Fib level at 0.13 BTC. In relative terms that would mean if BTC were to double in value then ETH would 4X. So if BTC was to move from $60K up to $120K, then ETH would go from $4.5K to $13.5K.
Currently, we are still in the consolidation zone and we can expect resistance as we approach the upper trend line. RSI is rising to support the upward move but volume is still low. We'll need to see volume increase if we are to see a breakout to higher levels.
Currently, we are still in the consolidation zone and we can expect resistance as we approach the upper trend line. RSI is rising to support the upward move but volume is still low. We'll need to see volume increase if we are to see a breakout to higher levels.
